Topic Archives: Coronavirus

June 30, 2020Coronavirus, Small Business

SBA’s Implementation of the Paycheck Protection Program Flexibility Act in Wave of New Rules and Application Forms

As we previously reported, the Paycheck Protection Program Flexibility Act (“PPP Flexibility Act”) became law earlier this month, introducing numerous changes to the Paycheck Protection Program (PPP).  The PPP, which is part of the CARES Act,[1] provides aid to qualifying small businesses in the form of loans with terms favorable to borrowers, including, in particular, ...›

May 19, 2020Coronavirus, Small Business

PPP Loan Forgiveness Application is Finally Here

During these uncertain economic times, the Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP) have been a critical lifeline for many small businesses trying to weather the COVID-19 pandemic.  The PPP, which we have written about previously, is part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).  One of ...›

Are Foreign Employees Included in Calculating Size for PPP’s 500-Employee Size Standard? New Guidance Makes the Answer Unclear

Updated May 18, 2020 As many companies are likely aware by now, Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP) provide aid to qualifying small businesses in the form of loans with terms favorable to borrowers, including, in particular, provisions that allow potentially the entire loan amount to be forgiven if the ...›

May 12, 2020Coronavirus, M&A

M&A Considerations Regarding CARES Act Loan Programs and Other Relief

In recent weeks Congress has authorized funding for a number of programs intended to provide relief to small- and medium-sized businesses and certain particularly hard-hit industry sectors, as well as to American businesses more generally. The parties to a potential M&A transaction must be careful to ensure that their transaction activities do not inadvertently alter ...›

May 6, 2020Coronavirus, Small Business

Is My Company’s PPP Loan “Necessary to Support Ongoing Operations?” What If I’m Wrong?

This post has been updated on May 6, 2020 with new safe harbor deadline for repayment of PPP loans. Given the proliferation of adverse news articles and TV pundit segments about well-funded companies that have received federal, Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP), it is important to separate what guidance ...›

The Basics of Undefinitized Contractual Actions (UCAs)

The federal contracting process is famous for its exacting approach to competitive procurement, which safeguards taxpayer funds and principles of fairness.  This emphasis on process, however, can slow the wheels of the acquisition machine.  The rapid spread of COVID-19, however, has required the government to use available tools to accelerate cash flow to contractors and ...›

May 5, 2020Coronavirus, Small Business

CARES SBA Loan Eligibility and Process (UPDATED)

(This post has been updated on May 5, 2020) The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) allows certain eligible companies and individuals to obtain loans of up to $10 million or 2.5 times the average monthly payroll costs over the last year, whichever is less, from the Small Business Administration (“SBA”). ...›